All Forum Posts by: Garrett Ellison

I’d either shop it around to potential investor friends/family to partner on, or go the hard money route and refinance as soon as you can. Another option is to wholesale the deal. I know it’s tough to let one get away, but wholesaling can be a great way to start to build up that capital for when these opportunities come along.

I’m assuming owner financing is off the table?

I’m from here, and that’s a good question. Everything I see from wholesalers is junk in war zones or niche country properties that I haven’t the slightest clue how to market.

In my experience, it’s best to network and/or have well-connected boots on the ground to have access to pocket listings.

This is a great question, and one that I also racked my brain for answers when I was first getting started not long ago!

I know this can seem scary, at first, but try not to worry so much about the equity partner right out of the gate.  What's more important is the deal.  If you start searching for deals instead of the equity partner, you go from being someone who has less/no leverage (just starting out), to someone with a PRIZE.

It's much easier to find an equity partner when you've got a great deal on the hook first.  Then, the money will find you as you advertise that deal.  Remember, there are always financing contingencies in place when you offer on homes that will protect you, in the event that you fall through on finding a partner.  Also, you always want to offer (almost embarrassingly) low on properties, so that it's a good deal any way you slice it.

Worst case (besides a simple deal fall-through), you could always wholesale the property - we all know it's not too hard to beat out the other wholesalers' inventory, haha.

 Jay, I normally 100% agree with your posts, but I completely disagree that the FIRST step is getting your realtor’s license.

I think you can just as easily learn the ins and outs of real estate by hanging on here, listening to the podcasts, and attending networking events. 

Welcome, @Casie Nicholson and fam!

Excited to have y’all, and we’ll see you at The RING Meetups. I can’t wait to see what y’all do, and maybe one day, we can do a deal together!

Nice to meet you, @Derrick Reeves!  As @Robert Leonard mentioned, The RING meetup is the best around - people from all industries of REI attend.

Paul,

Nice to meet you! I’m a flipper/investor in Baton Rouge. I’m wrapping up a project, and starting to search for our next home!

Please message me if you have any questions or deals.

Thanks,

Garrett

Cameron,

I am interested. Do you know if she’d be interested in owner financing?

Additionally, what price was she looking for?

Thanks!

Garrett

A good conservative amount to set aside for maintenance/CapEx is 10% (or 5% ea for maint and CapEx - I choose to lump mine together). I've found PM fees to be between 6 and 10%. As @Account Closed said, that amount depends on the number of units and your negotiation skills.  I've seen PM companies drop their standard rate a percent or two for bringing 5+ units to the table.  I generally figure 5% vacancy rate, but again, this depends on the type of property, the class of property, and should be adjusted based on experience.